Key Points
- Trump Media explores separating Truth Social through a publicly traded spinoff structure
- The separation plan includes a merger transaction with Texas Ventures Acquisition III, a special purpose acquisition company
- Company recorded $712.3 million in net losses during 2025, driven primarily by cryptocurrency valuation changes
- Current digital asset holdings exceed 11,500 BTC, with several cryptocurrency ETF applications submitted to regulators
- Total assets reached $2.5 billion by year-end 2025, representing a threefold increase from the previous period
Trump Media & Technology Group has entered discussions to separate its Truth Social platform through an independent public market listing. The conversations include TAE Technologies and Texas Ventures Acquisition III, a special purpose acquisition corporation.
According to the proposed structure, a newly formed entity — designated as SpinCo — would combine with Texas Ventures III. Current Trump Media stockholders would receive equity in SpinCo through a distribution.
Final terms remain under negotiation. Company representatives confirmed active discussions continue.
This potential separation follows Trump Media’s December combination agreement with TAE Technologies, a transaction valued above $6 billion. TAE operates as a California-headquartered nuclear fusion enterprise with backing from Google and Chevron.
The TAE combination centers on creating utility-scale fusion energy facilities, designed partly to address power requirements for AI computing infrastructure. Separating Truth Social would divide the media operations from the energy initiative.
Trump Media disclosed a net loss of $712.3 million for 2025. This represents an increase from the $400.9 million loss recorded in 2024.
The expanded deficit stemmed largely from mark-to-market adjustments on cryptocurrency positions, which include Bitcoin and Cronos. Revenue remained stable, rising modestly from $3.62 million to $3.68 million.
Despite the financial deficit, the company closed 2025 with approximately $2.5 billion in financial assets. This figure exceeds the $776.8 million balance from the end of 2024 by more than three times.
Digital Asset Strategy
Trump Media entered the cryptocurrency sector through its financial technology division Truth.Fi. The company accumulated a Bitcoin reserve surpassing 11,500 BTC by late September 2025.
Additional regulatory filings were submitted for various cryptocurrency exchange-traded funds carrying the Truth Social brand. These applications cover funds tracking Bitcoin and Ether, plus a specialized Cronos fund featuring staking capabilities.
The Cronos ETF application connects to Trump Media’s collaboration with Crypto.com. The organization simultaneously established a CRO reserve through a partnership with Crypto.com and Yorkville Acquisition in September.
Trump Media has submitted numerous ETF proposals to US regulatory authorities. Approval remains pending for all applications.
Power Generation Initiative
TAE Technologies has secured more than $1 billion in capital from various investors. The company concentrates on a fusion approach engineered to minimize radioactive byproducts relative to conventional nuclear technologies.
The TAE combination would establish a publicly listed entity centered on fusion power generation. Trump Media views this combination as an opportunity to attract investment interest extending past its original media operations.
Truth Social was developed to serve conservative users but has experienced modest audience expansion. The platform faces competition from larger, more established social media services.
The company’s aggregate assets grew nearly threefold on a year-over-year basis despite the net deficit. Most of this expansion originated from cryptocurrency and related investment purchases executed throughout 2025.
